General Motors 2013 Annual Report Download - page 95

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
We continue to pursue various options to fund and derisk our pension plans, including continued changes to the pension asset
portfolio mix to reduce funded status volatility.
Other Postretirement Benefit Plans
Certain hourly and salaried defined benefit plans provide postretirement medical, dental, legal service and life insurance to eligible
U.S. and Canadian retirees and their eligible dependents. Certain other non-U.S. subsidiaries have postretirement benefit plans,
although most non-U.S. employees are covered by government sponsored or administered programs.
OPEB Contributions
The following table summarizes contributions to the U.S. OPEB plans (dollars in millions):
Years Ended December 31,
2013 2012 2011
Employer contributions ................................................................. $ 393 $ 432 $ 426
Plan participants’ contributions .......................................................... 29 4 13
Total contributions .................................................................... $ 422 $ 436 $ 439
For the year ended December 31, 2011 we also contributed $1.9 billion to the independent HCT consisting of restricted cash of
$782 million and notes payable of $1.1 billion.
Defined Contribution Plans
We have a defined contribution plan for eligible U.S. salaried employees. This plan provides discretionary matching contributions
which we instituted in October 2009. U.S. hourly employees hired after September 2007 also participate in a defined contribution
plan. Contributions are also made to certain non-U.S. defined contribution plans. We made contributions to our defined contribution
plans of $502 million, $352 million and $297 million in the years ended December 31, 2013, 2012 and 2011.
Significant Plan Amendments, Benefit Modifications and Related Events
U.S. Salaried Defined Benefit Life Insurance Plan
In September 2013 we amended the U.S. salaried life insurance plan effective January 1, 2014 to eliminate benefits for retirees and
eligible employees retiring on or after August 1, 2009. The remeasurement, settlement and curtailment resulted in a decrease in the
OPEB liability of $319 million, a decrease in the net pre-tax actuarial loss component of Accumulated other comprehensive loss of
$236 million and a pre-tax gain of $83 million.
U.S. Salaried Defined Benefit Pension Plan
In 2012 we amended the salaried pension plan to cease the accrual of additional benefits effective September 30, 2012 resulting in a
curtailment of $309 million which decreased the pension liability. We divided the plan to create a new legally separate defined benefit
plan primarily for active and terminated vested participants. Settlement payments of $30.6 billion were made consisting of lump-sum
pension distributions of $3.6 billion to retired salaried plan participants, group annuity contracts purchased for a total annuity
premium of $25.1 billion and two separate previously guaranteed obligations of $1.9 billion were settled. These agreements
unconditionally and irrevocably guarantee the full payment of all annuity payments to the participants that were receiving payments
from the plan and the insurance companies assumed all investment risk associated with the assets that were delivered as the annuity
contract premiums.
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